Legal eagles make One One One their home

GPT Group
has snared law firm Gadens for its One One One Eagle Street office tower in Brisbane, giving it further momentum in attracting tenants to the speculative development.

Gadens will take up 5700 square metres in the lower part of the 44-storey tower at a rental of about $750 to $800 per square metre.

The move provides another big boost of confidence for landlords in the Brisbane office space market, where the vacancy rate recently fell from 11.2 per cent to 9.4 per cent.

Gadens Brisbane chairman Paul Spiro said the firm would move to the building because the deal was compelling. “We think it is a great value proposition for the tenant," he said.

Gadens, which has 250 Brisbane staff, will move out of two separate locations on Queen Street. Gadens was advised by Independent Property Partners and is believed to have received an incentive of about 20 per cent.

The deal comes on the back of law firm Norton Rose’s decision to take 5000 square metres in the mid-rise part of the building and rumours that Ernst & Young is about to sign on as well.

GPT chief executive
Michael Cameron
said Gadens’ move to One One One Eagle Street was a result of GPT’s focus on providing a platform for the long-term success of its customers.

“CEOs today recognise that for staff to deliver excellence, we need to equip them for best performance and that means modern workplaces, the latest in technology and evocative experiences," he said.

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The timing for the $634 million building was heavily criticised. While almost 20 per cent of the building is committed, appointed leasing agents Jones Lang LaSalle and Colliers International will need to do deals on another 45,000 square metres of available space.

However, Mr Spiro said the building would attract other high- profile clients.

“I think [GPT Group] has built a premium building in a city where there is decreasing premium space and so I think it will hold them in good stead."

“The leasing activity has come at the exact time we anticipated it would, so we are very comfortable about where this development is right now," Mr Briscoe said.

“Unlike Sydney and Melbourne, Brisbane doesn’t have those significant 20,000-plus tenants – it’s more the 5000 to 10,000 square metres – so GPT’s expectation was that we would always be active at this point in time."